Tuesday, 28 July 2015

Closing Brief

US equities closed significantly higher, sp +25pts @ 2093. The two leaders - Trans/R2K, settled higher by 2.7% and 0.8% respectively. Near term outlook is for renewed weakness... once the FOMC is out of the way... with a move to the sp'2050s... and VIX 17/18s.



So, the 5 day run to the downside concludes with a rather strong net daily gain into the sp'2090s.

Yet.. a bounce is likely all that today was.

We have the FOMC tomorrow afternoon at 2pm... but once that is out of the way, the equity bears should regain control... and push the market lower into end month.

*I hold VIX-long overnight from the low 14s. Seeking an exit in the 17/18s.

more later... on the VIX